SJM Holdings Takes Second Crack at I.P.O.
Sociedade de Jogos de Macau Holdings Ltd., a casino operator part-owned by Stanley Ho Hung-sun, will go ahead with a $500 million initial public offering in Hong Kong after scrapping plans for a $1 billion float in February.
SJM Holdings is marketing 1.25 billion new shares at 3.08 Hong Kong dollars to 4.08 Hong Kong dollars, or 40 cents to 52 cents, in an effort to raise at least 3.8 billion Hong Kong dollars, or $486 million, according to a sale document sent to investors Monday.
The price range represents nine to 12 times the company's earnings this year, down by nearly half from the 20 to 22 times earnings proposed in February before weak market conditions abetted the float's withdrawal.
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AsianLogic in J.V. with Parent Co. of Cagayan Freeport Master Licensor
AsianLogic Ltd. is seeking to further extend its reach into Asia through a joint venture with Leisure and Resorts World Corporation, a company that operates bingo parlors in the Philippines and also happens to control the master licensor for online gambling in the Cagayan Special Economic Zone and Freeport.
Leisure and Resorts, a public company, has disclosed to the Philippine Stock Exchange that it will "enter into a Memorandum of Agreement with AsianLogic . . . for the acquisition of a new local company to be engaged in land-based sportsbook operation services."
The company hasn't revealed much else, but it looks like the venture could have broad ambitions.
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Weekly Statistics from Bloomberg.com
888 Earns 'Buy' Recommendation on Sportech Deal
Numis Securities, a brokerage in London, has issued a "buy" note on 888 Holdings, after the Gibraltar company announced a strategic partnership deal with Sportech yesterday.
The five-year deal sees 888 supply software, back-end and marketing services to Sportech.
"We are increasing our 2009 PBT (profits before taxes) forecast by $7.5m or 10% to $85.9m," Richard Carter and Wyn Ellis, analysts with Numis, wrote in a research note Tuesday.
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Weekly Statistics from Bloomberg.com
Listing: Main Market, London Stock Exchange
Low Close: 145.50 pence
High Close: 153.50 pence
Weekly Change: + 1.7 percent
Market Capitalization: £488 million ($971 million)
Chris Krafcik is the editor of IGamingNews. He lives in St. Louis, Mo.